New Zealand-based insurtech Simfuni has completed a NZ$3 million capital raise to accelerate development of its life insurance administration platform.
The round – led by Icehouse Ventures with contributions from GD1, Ecliptic Capital, Kent Gardner, and other existing investors – lifts the company’s total funding to NZ$5.8 million.
The company said the fresh funding will be directed toward strengthening automation and artificial intelligence (AI) capabilities, expanding its regional presence, and further developing tools for insurers in Australia and New Zealand.
“Simfuni is tackling a multi-billion-dollar problem in the insurance industry with a solution that’s both timely and transformative. Their integration-first approach removes the barriers that have kept insurers from modernising, unlocking enormous value across Australasia and beyond,” said David Burnett, general partner of Ecliptic Venture Capital.
Simfuni’s platform is designed to manage both legacy and active policy portfolios.
By consolidating older systems into a single operating environment, the company said it can reduce operating expenses, simplify compliance with legislation such as CoFI and the Contracts of Insurance Act, and give insurers a clearer view of customer interactions across the policy life cycle.
The modular, API-enabled design is intended to support quicker product launches and system integrations.
Those working with Simfuni noted that the platform provides greater flexibility in meeting regulatory obligations and enables faster, more personalised service through automation and analytics.
“We chose Simfuni because they offered the rare combination of a modern, modular platform, and deep understanding of the life insurance market. Their solution gives us the flexibility to adapt quickly, the tools to meet regulatory demands with confidence, and the ability to deliver a better experience for every policyholder,” said Bruce Waddel, CEO of SBS Insurance.
“The automation and 360° customer view Simfuni provides are game-changers. Our teams are working smarter, and our clients are seeing faster, more personalised service,” said Trina Buckley, GM life and health at Gallagher Benefit Services.
To support its next stage of development, Simfuni has appointed Tim von Dadelszen as chief product officer.
Von Dadelszen has previously co-founded Life Direct and Quotemonster and held senior roles at Trade Me Insurance and Partners Life.
The raise comes as insurers across Australia report wider adoption of generative AI in claims.
Research from Gallagher Bassett (GB) found that 88% of Australian insurers now use AI in some aspect of claims processing, up 38 percentage points on the previous year.
GB reported that insurers are applying the technology to claims intake, fraud screening, and customer communications.
Sixty-four percent of respondents identified improved decision-making as a leading benefit, while 62% said they are using predictive analytics to identify potentially fraudulent claims.
Although operational benefits are evident, consumer sentiment toward AI remains mixed.
A GlobalData survey of more than 5,500 people across 11 markets showed strong belief in AI’s potential to improve efficiency, with nearly three-quarters of respondents saying it could shorten wait times to reach customer service.
More than 70% saw value in performance gains and pattern recognition.
However, the same survey found that trust issues continue to affect adoption. Concerns include data privacy, possible bias in claims outcomes, and a preference for human interaction.
GlobalData said insurers will need to prioritise transparency in AI-driven decisions and provide clear communication on data use if they want to maintain policyholder confidence.
